J.P. Morgan CEO to Be Called to Testify Before Senate Banking Committee

A key Senate committee plans to ask J.P. Morgan Chase CEO Jamie Dimon to testify as early as next month about his company's more-than-$2-billion trading loss.

Sen. Tim Johnson (D-S.D.), the chairman of the Senate Banking Committee said in a statement that he plans to invite Dimon to testify on the trading debacle but did not specify exactly when he would like Dimon to appear.

"Our due diligence has made it clear that the Banking Committee should hear directly from J.P. Morgan Chase's CEO Jamie Dimon," Johnson said in a written statement.

Johnson said that he decided lawmakers needed to hear directly from the J.P. Morgan executive after receiving briefings this week from regulators on the giant loss, which J.P. Morgan revealed late last week. Johnson said committee staff had also been briefed by the company.

He said he would ask Dimon to appear after his committee holds two previously scheduled hearings on financial regulation, which are set for May 22 and June 6. Johnson said that he has asked the regulators slated to appear during those hearings "to be prepared to update the Committee on the recently reported trading loss by J.P. Morgan Chase."